Amwins, a global distributor of specialty insurance products and services, has announced the launch of Cyber+, an exclusive proprietary cyber insurance product designed to offer enhanced protection and stability for small and medium-sized enterprises (SMEs).
Comprehensive Cyber Coverage
Cyber+ delivers SME-focused coverage features, including:
- $500,000 social engineering and invoice manipulation fraud limits with enhanced coverage wording
- Breach costs primary to other insurance
- Breach costs outside the limit (up to $4 million) and $1 million additional defense costs outside policy limit
- Full limit hardware bricking and replacement coverage
- “Pay on behalf” event management and extortion expenses
Cybersecurity and Breach Response Support
In addition to its broad insurance protection, Cyber+ includes access to services from Upfort Shield, a leading cybersecurity suite, and Mullen Coughlin, a premier cybersecurity law firm specializing in breach response. Policyholders gain enterprise-grade tools such as employee cyber training, browser firewall extensions, and inbox threat detection.
Addressing Market Challenges
Matt Donovan, executive vice president at Amwins, highlighted the product’s focus on resolving frustrations in the current SME cyber market. “With the uptick in social engineering activity over the last couple of years, we’ve seen a number of social engineering and invoice manipulation policy restrictions cause insureds pain at the time of loss,” he said. By eliminating common restrictions and offering sublimits double the market standard, Cyber+ aims to provide greater confidence to retail clients and their insureds.
The SME cyber insurance sector has long faced challenges including confusing policy language, misunderstood coverage limitations, and inadequate limits. Cyber+ is positioned to provide a streamlined solution with comprehensive coverage and proactive tools to help reduce risk.
Exclusive Availability Through Amwins IQ
Cyber+ is available exclusively for new business through Amwins IQ, the company’s online marketplace that provides firm, bindable quotes within minutes.
John Grise, executive vice president at Amwins, stated, “We’re delivering a product that not only addresses today’s challenges but also anticipates tomorrow’s risks.” He added that the launch demonstrates Amwins’ commitment to innovation and leadership in an industry where stability, foresight, and efficiency are critical.
About Amwins
Amwins is the largest independent wholesale distributor of specialty insurance products in the United States. Based in Charlotte, North Carolina, the company serves retail insurance agents by offering property and casualty products, specialty group benefits, and administrative services. Amwins operates through more than 138 offices worldwide and manages premium placements exceeding $44.5 billion annually.